IPPB Partners with Ria Money Transfer for Seamless Overseas Money Remittance

The India Post Payments Bank (IPPB) has collaborated with Ria Money Transfer to launch inward money remittance services from overseas. The service, free for receivers, aims to simplify international money transfers at 25,000 locations, eventually expanding to 1.65 lakh. Recipients can withdraw full or partial amounts using a paperless, biometric process.

The India Post Payments Bank (IPPB) announced a new partnership with Euronet's Ria Money Transfer to facilitate inward money remittance from overseas, a senior IPPB official revealed on Wednesday.

IPPB Managing Director and CEO, R Viswesvaran, stated that recipients would not incur any charges for collecting the money; only the sender would bear the transfer fee to Ria Money.

Viswesvaran emphasized the initiative's aim to eliminate financial barriers for the unbanked and underbanked populations. Initially available at 25,000 locations, the service will progressively expand to cover over 1.65 lakh locations nationwide.

Recipients will have the flexibility to withdraw either the full or partial amount of the remittance, or transfer the money into their IPPB accounts through a seamless, paperless, biometric process. The service will also be delivered directly to the recipient's doorstep by a postman, free of charge.

Ria Money Transfer's Chief Operating Officer, Ignacio Reid, noted that the partnership is expected to increase their presence in India by about 30%, leveraging their existing network in around 200 countries and a 22% market share in the money remittance segment.

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